415 Greenwich Street, New York, NY 10013
As of June 28, 2007, KBS REIT had made three debt investments on Tribeca Summit, a high-end condo- conversion project in lower Manhattan. Theseinvestments include a junior mezzanine loan of $15.9 million made in July 2006. This was followed by an additional mezzanine loan of $31.2 million in May 2007. Additionally, in June 2007, KBS REIT issued a first mortgage loan on the property for $25.8 million. Combined, the total loan capacity on the property is $72.9 million. As of June 28, the borrower had drawn $46.7 million on the junior loans and $23.5 million on the KBS senior note.
These loans are being used to finance the conversion of the eight-story landmark loft building into an exclusive ten story condominium building with a mix of 66 single-level to tri-level luxury units totaling 154,421 sq. ft. Since acquiring the property, the borrower has completed eight floors, finished two grade to roof atriums and is completing work on a two-floor penthouse addition. As of April 1, 2007, there are 35 units totaling $119 million under contract to be purchased.
Investment at a Glance
Location: New York, NY
Property Type: Condo Conversion
Investment Type: First Mortgage and Mezzanine Loans
Total Loan Amount: $72.9 Million
Anticipated Loan Term: May 1, 2008
No. of Buildings: 1
No. of Stories: 8
Square Footage: 154,421 SF